Amazon Discontinues One-Month Prime Subscription in India, Know The Details Here
If you are an Amazon Prime member in India and have opted for monthly subscription, there might be bad news for you. It is so because; Amazon has discontinued its monthly subscription service in India. Henceforth, subscribers can only opt for a three month subscription or a yearly subscription.
The E-shopping company has taken this decision under the new guidelines issued RBI to banks and financial institutions. According to the guidelines, an additional factor authentication (AFA) will be required to process recurring online transactions. The deadline fixed for the implementation of the mandate has been fixed to September 30, 2021.
The amazon prime monthly subscription was available at the price of Rs 129. On the other hand the three month subscription costs Rs 329 and the yearly subscription costs Rs 999.
The additional factor authentication issued by RBI for recurring transaction was initially limited to Rs 2000 in 2019. However, later on the limit was increased to Rs 5000. The transactions above Rs 5000 will require an additional One-time password (OTP) for processing the transaction.